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of <h1>Companies Can Issue Preferential Shares with Special Resolution, Complying with Section 42; Allotment in 12 Months Required.</h1> Shares can be issued on a preferential basis by a company if authorized by a special resolution in a general meeting, complying with section 42 of the Act. This includes issuing shares to select persons, excluding public or rights issues. For listed companies, share prices need not be determined by a registered valuer. The issuance must be authorized by the company's articles and a special resolution, with specific disclosures made in the meeting notice. Allotment must occur within twelve months, with valuation reports required for non-cash considerations. If not completed within this period, a new resolution is needed.
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